Ted Cruz advocates for Bitcoin mining in Texas, claiming it benefits the state’s energy grid, amid growing bipartisan support for cryptocurrencies.
Texas Senator Ted Cruz has recently shown his unwavering support for Bitcoin mining, stating its positive impact on the state’s energy grid. Appearing on a Fox News Radio segment, Cruz discussed how the growing Bitcoin mining industry in Texas can act as an emergency power reserve during extreme weather conditions.
Currently, Texas is experiencing its second hottest summer on record, putting immense strain on its local energy grid that serves about 90% of the state’s 25 million residents. In such tough times, the state had to activate emergency measures which involved asking Bitcoin miners to cut down on their energy use. These conditions actually turned profitable for some mining companies. They generated substantial revenue due to the specific structure of their power purchase agreements with utility providers.
Cruz argues that Bitcoin mining doesn’t just bring financial benefits. In crisis situations, Bitcoin mining machines have the capability to shut down within seconds, thereby freeing up essential energy. This saved energy can then be redirected to critical services like hospitals and residential heating. Cruz took to social media to celebrate Texas as a “hub for jobs, innovation, and freedom,” and described the state as an ideal environment for Bitcoin mining.
Bipartisan Support Grows for Bitcoin in U.S. Politics
Interestingly, Ted Cruz isn’t alone in his endorsement of cryptocurrencies; the sentiment has been picking up steam among other politicians as well. Republicans like Florida Governor Ron DeSantis, entrepreneur Vivek Ramaswamy, and South Carolina Senator Tim Scott have openly supported various forms of cryptocurrencies. They have either initiated legislative processes in favor of cryptocurrencies or have openly criticized SEC Chairman Gary Gensler for his stand on digital assets.
On the other side of the aisle, Democrats seem to be cautiously entering the crypto conversation. New York Senator Kirsten Gillibrand, for instance, co-sponsored a bill with Republican Senator Cynthia Lummis to establish a transparent regulatory framework for cryptocurrencies. This bipartisan approach indicates a slowly changing political landscape that is warming up to digital assets.
Dennis Porter, the co-founder and CEO of Satoshi Act Fund, a non-profit advocating for Bitcoin-friendly policies, expressed enthusiasm about the growing number of pro-Bitcoin politicians. He believes that intelligent politicians recognize Bitcoin as a winning issue, capable of attracting a new, unique type of voter and donor base.
However, not everyone in Washington D.C. shares this excitement. Senator Elizabeth Warren and Senator Brad Sherman, both Democrats, have been vocal critics of cryptocurrencies. Republican Senator Roger Marshall has also joined this “Anti-Crypto Army,” labeling digital currencies as a “national security threat.”